Winter Home Buying: What to Know

Hoping you can give yourself and your family the ultimate gift this winter? That is, a new home? You may want to keep those holiday decorations packed away for now, as the odds are actually in your favor of finding your next home sooner than later. Before you write off this time of year as a poor time to shop for a home, there are some key benefits of winter home buying to consider. 

You May See Lower Prices and More Savings

That’s right — you’re more than likely to find lower home prices during the winter. Why is this the case? There are a variety of factors that contribute to lower prices and additional savings, such as the following. 

  • Sellers are more motivated to make a deal: Aren’t people trying to make more money during the holidays? Why would sellers lower their prices? Well, chances are that a home that’s on the market in the winter has been on the market for a while now. Sellers may be more motivated to knock the price down to get it off their hands.
  • Save on taxes: One of the best parts about buying a home at the end of the year is the additional tax write-off you can lump on. April is only a few short months away, and with that, your savings, too. 
  • Save on mortgage interest rates: In addition to already lower prices from sellers and the tax write-off, you’ll be more likely to enjoy lower interest rates on your mortgage by finalizing everything at the end of the year — making your payments a lot more manageable going forward.

You’ll Have Fewer Competitors

As we’ve discussed prior, you may be one of a few buyers in your area in the midst of winter. That being said, other prospective buyers may not even be looking for the same amenities you are. There’s a good chance they’re shopping within a totally different price range, too. Less competition will further motivate sellers to make you happy by accommodating your schedule as well as your budget. One of the most stressful and emotional parts of the home-buying process is making an offer while pitted against someone else. Obviously, both of you want the buyer to choose you. Not having to go through this, no matter how much you enjoy a good competition, will make for much less stress for your family to endure. 

You Can Use Time Off Wisely

Taking some time off during the holidays? What better way to use this time than looking for your next home? While searching for a home during fall or spring may mean a less hectic home life, it may be more difficult to break away from your obligations at work. Driving around or viewing homes on your lunch break or after hours may be effective in a pinch, as most realtors are very flexible. However, the more time you have to spend in your prospective home, the better idea you can get for how well it operates in winter. Plus, if you’re trying to buy a home during the holidays or before the holidays are over, it’s likely that the seller has the same idea. He or she will likely make adjustments to fit your schedule and get everything taken care of at an expedited pace. 

The Potential Downside

Though there are many tangible benefits to winter home buying, as we’ve discussed, you may also be faced with fewer homes to choose from. A less competitive landscape among buyers may also involve a less competitive landscape among sellers. This doesn’t mean you should lose hope — entering any home-buying endeavor with optimism and the right realtor will guarantee success. After all, there may be just a few homes on the market, but one of them could very well be your dream home. 

For any other questions regarding home-buying or selling, check out the rest of our blog Or, you can contact us directly. We hope your holidays are happy and this winter brings you to the doorstep of a home you really love!

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